In Latin America, regional as well as multilateral integration schemes have a predominant role within integration agreements. A representation of this includes MERCOSUR: Brazil, Argentina, Uruguay and Paraguay. The Andean Community of Nations (CAN) is composed of Bolivia, Ecuador, Colombia, Peru, and Venezuela and the Group of Three (G3): Colombia, Mexico, and Venezuela. Another regional pact is the CARICOM, composed of English speaking countries within the Caribbean Basin. These organizations have the intent to establish, among other components, free trade areas, customs unions, common markets, and economic unions; all covenants that, in the future, may evolve into a political union (S.C.A. et al., 1998).